Relief for undertakings already authorised in another member state or contracting state

(1) An undertaking that has obtained, or applied for, authorisation to conduct business in another member state or contracting state may, upon application, be revocably permitted 1. to have the Solvency Capital Requirement calculated on the basis of its entire business activity in the member states or contracting states, 2. to be exempted from the obligation to provide a deposit domestically, or 3. to have assets forming the equivalent of the Minimum Capital Requirement situated in another member state or contracting state in which the undertaking carries on its activity. The relief measures may be granted only together. The application must be made to the supervisory authorities of all member states or contracting states in which the insurance undertaking is authorised to conduct business or has applied for authorisation to conduct business. The application must name the authority that will in future supervise the capital resources for the entire business activity in the member states or contracting states (chosen supervisory authority); the choice of supervisory authority must be justified. The deposit within the meaning of section 69(2), fifth sentence, must be lodged in the member state of the chosen supervisory authority. Approval may be granted only where all the authorities with which the application was filed consent. It is granted at the time at which the chosen supervisory authority has declared to the other supervisory authorities its willingness to supervise the capital resources. The relief measures must be revoked simultaneously by all supervisory authorities where at least one of the authorities that consented to the application so requests.
(2) Where the Federal Institute is the chosen supervisory authority, it informs the competent authorities of the member states or contracting states involved of the measures taken under section 134(7), section 135(3). It may request those authorities to take the same measures. Where another authority is the chosen supervisory authority, the Federal Institute provides it with all information necessary to supervise the overall solvency needs; where it has ordered restrictions on disposal of the undertaking's assets because its own funds are insufficient, the Federal Institute, at that authority's request, takes corresponding measures for the assets situated domestically. Sections 133 to 137 remain unaffected.